Needham analyst Bernie McTernan has maintained their neutral stance on RDFN stock, giving a Hold rating on May 13.
Bernie McTernan has given his Hold rating due to a combination of factors surrounding Redfin’s current market position and future prospects. Despite an uncertain market environment, Redfin is expected to grow its market share in the second quarter of 2024, thanks to the expansion of its RDFN Next initiative into more markets and the implementation of new sales strategies such as All You Can Meet and Sign and Save. These strategic moves are anticipated to contribute positively to the company’s market presence.
Additionally, Redfin is focusing on cost optimization, which is a key element in the company’s plan to achieve adjusted EBITDA profitability by 2024. The balance between these growth initiatives and the uncertain market conditions likely contributed to the Hold rating, suggesting that while Redfin is taking steps to improve its financial health and expand its market share, the current market risks may potentially limit the stock’s upside in the near term.
According to TipRanks, McTernan is an analyst with an average return of -4.5% and a 42.48% success rate. McTernan covers the Communication Services sector, focusing on stocks such as Shutterstock, Fiverr International, and Genius Sports Limited.
In another report released on May 13, Susquehanna also maintained a Hold rating on the stock with a $8.00 price target.
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Redfin (RDFN) Company Description:
Redfin Corp. provides real estate brokerage services. The firm engages in buying and selling homes. It operates through the following segments: Real Estate Services and Properties. The Real Estate Services segment consists of revenue transactions. The Properties segment consists of home purchase costs, capitalized improvements, selling expenses and home maintenance expenses. The company was founded by David Selinger, David Eraker, and Michael Dougherty in 2004 and is headquartered in Seattle, WA.
